All of us here at our law offices wish all of you a happy Holiday season.
We will be closed December 23rd, 26th, and 30th so that we may enjoy the Holidays with our families.
We have one reminder for you about annual gifting plans. Any individual may give up to $14,000.00 per calendar year to an unlimited number of people without tax consequences. For those who have not fulfilled your gifting plans for 2016, you may do so through December 31, 2016. Also, for those of you who want to make 2017 gifts, you may do so upon the arrival of January 1, 2017. The IRS website offers a Frequently Asked Questions section about gifting and gift taxes which provides very useful information.
A gifting letter should accompany all gifts. We also recommend that you consult your legal and tax advisors beforehand to ensure proper gifting.
Take time to enjoy the season, reflect on the past year, and plan well for 2017.